Global investment bank JP Morgan perhaps put it best in a note to clients and the media this week titled “Australian CPI: Under control”.
Domestic inflation does appear to be under control. The prices of particularly sticky items in the basket measured by the Australian Bureau of Statistics are coming off the boil.
The S&P 500 (^GSPC -1.85%) has declined 7% from its high as the Trump administration has imposed tariffs on goods from several countries. The president has also outlined plans for more aggressive reciprocal tariffs scheduled to take effect on April 2.
A fresh inflation report tanked stocks on Friday, as investors reacted to data that showed prices rose faster than expected last month.
Major US indexes opened lower and dropped steadily through the morning. The sell-off accelerated around midday, with the Dow Jones Industrial Average losing over 600 points and the Nasdaq Composite plunging more than 2%.
» Read more about: Hot February inflation data is hammering the stock market »
The S&P 500 was down 1.8%, putting it down more than 1% on the week. The Nasdaq Composite was down 2.5% and about 2.3% on the week. The Dow was down 650 points, bringing its weekly decline to 0.8%.
“Any month-end rebalance flows are being overrun with de-risking ahead of the April 2nd tariffs,” writes BTIG Chief Market Technician Jonathan Krinsky.
» Read more about: The Stock Market Is on Track for Another Losing Week »
The recent market decline has prompted another Wall Street strategist to revise down its S&P 500 forecast for 2025.
On Friday, UBS Global Wealth Management head of US equities David Lefkowitz predicted earnings would come in weaker than previously expected, prompting a trim to the firm’s year-end price target on the broad based index to 6,400 from 6,600.
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Event Details
Slate Decrypts Cryptocurrency
Wednesday, April 2, 2025 at 5 p.m. EST
Donald Trump has his own currency (so does Melania), Elon Musk is running a department named after a memecoin, and America is more casino-like than ever.
Crypto is reshaping the country,
